Rating Agencies

Credit ratings are assigned to sovereigns and businesses by international credit rating agencies. A credit rating measures the relative risk that an entity (Government or company) will fail to meet its financial commitments, such as interest payments and repayment of principal, on a timely basis.

These relative risks are mapped into discrete rating notches that are expressed in terms of alphabetic identifiers. For example, from the most creditworthy to the least, Fitch and S&P use AAA, AA, A, BBB for investment grade long-term credit risk, and BB, B, CCC, CC, C, and D for non-investment grade long-term credit risk. The long-term foreign-currency rating is the most commonly used by investors and analysts. In the following table users can find the updated credit rating for long-term Uruguayan bonds.

Agencia Moneda extranjera / Largo Plazo Moneda Local / Largo Plazo Perspectiva Última Actualización de la Calificación
DBRS  BBB (low) BBB (low) Estable Enero 2020
FitchRatings BBB- BBB- Negativa Febrero 2020
Moody´s Baa2 Baa2 Estable Agosto 2019
R&I BBB - Positiva Febrero 2020
S&P BBB A-2 Estable Abril 2020

Latest Reports and Releases

Standard and Poors


Fitch Ratings


Rating and Investment



Sovereign Debt Management Unit

Ministry of Economy and Finance of Uruguay
Colonia 1089 Tercer Piso CP 11100 Montevideo - debtinfo@mef.gub.uy

Última Actualización: 24/09/2020